HCLTech has reported revenue of $3.364 billion, up 5.1 percent YoY and down 1.9 percent QoQ, during April-June 2024.
HCLTech, one of the leading IT service providers, has generated 66 percent of its sales revenue from Americas, 27.9 percent from Europe, and 6.1 percent from ROW during April-June.
HCLTech has revealed Financial Services has generated 21.0 percent of its sales revenue, while Manufacturing 19.4 percent, Lifesciences & Healthcare 15.9 percent, Technology and Services 13.0 percent, Telecommunications, Media, Publishing & Entertainment 12.2 percent, Retail & CPG 9.4 percent and Public Services 9.1 percent.
HCLTech has 22 clients in $100 million deal size, 48 clients in $50 million, 133 clients in $20 million+, 256 clients in $10 million+, 404 clients in $5 million+ and 951 clients in $1 million+.
HCLTech has revealed that its top five clients contribute 11.4 percent of its sales revenue, top 10 clients 19.6 percent and top 20 clients contributed 30.1 percent of its sales revenue.
HCLTech has opened new offices in East Brunswick, New Jersey and Santa Clara, California, further strengthening its footprint in North America. Both offices will feature Customer Experience Centers (CECs) showcasing the best of HCLTech’s innovations and capabilities, including its AI and Cloud Native Labs.
HCLTech has 219,401 employees at the end of June 2024. HCLTech added 8,080 employees during April-June, 2024. HCLTech added 1,078 freshers. LTM attrition was 12.8 percent, down from 16.3 percent in Q1 of last year.
Roshni Nadar Malhotra, Chairperson of HCLTech, said: “With our future-ready portfolio, we are well placed to tap emerging opportunities led by GenAI. We remain committed to doing business sustainably and responsibly as we continue to supercharge progress for our clients.”
Biswajit Maity, senior Principal Analyst at Gartner, said: “Considering the overall performance, HCLTech achieved moderate growth but effectively managed its fiscal situation amidst macroeconomic uncertainties.”
HCLTech, with its continued momentum in the software and service offering, had a steady year mainly because of its strong order bookings and large deal wins. Its voluntary attrition rate is at 12.4 percent which is one of the lowest in the industry. This is certainly a positive sign, demonstrating that HCLTech is prioritizing its workforce, Biswajit Maity said.
HCLTech continues to make investments in innovative workplace solutions. HCLTech is committed to helping clients with their transformational goals, which is evident in its willingness to contractually obligate its delivery through agreements. Clients work with HCL to utilize its capabilities to enhance experience and achieve desired outcomes. All these attributes have enabled them to grow and establish themselves as a strong partner, Biswajit Maity said.
MAJOR DEALS
Ahold Delhaize USA, the parent company of five US omnichannel grocery brands, has strengthened its partnership with HCLTech to modernize, support and transform technology for its network, including over 2,000 retail stores.
HCLTech’s Managed Network Services, Retail IT Operations and Mainframe Services will enable the grocery retail group to drive transformation, improve operations resiliency and enhance automation, AI-led efficiency and user experience
Banco do Brasil, a leading bank in Brazil, has selected HCLTech to implement Salesforce’s Slack integrated with WhatsApp as part of their ongoing customer experience transformation journey.
State Bank of India has selected HCLSoftware to automate its digital marketing program. The bank will deploy HCL Unica martech platform to transform its customer interaction framework and deliver hyper-personalized customer experiences while ensuring data privacy.
GenAI Deal Wins
A global technology major selected HCLTech to implement a GenAI-based solution for gaming review analysis that automated data collection and sentiment analysis, resulting in workload reduction and a 119 percent increase in game reviews.
A Europe-based financial services major has partnered with HCLTech to develop and manage its next-gen low latency electronic trading platform and compliance analytics platform by leveraging GenAI.
A Europe-based telecom OEM has partnered with HCLTech to kickstart its GenAI journey by deploying LLMs to design, build and integrate technology solutions.
A leading US-based financial services company selected HCLTech to build a GenAI platform with robust AI governance and LLM Ops.
A US-based hi-tech major has engaged HCLTech to create and maintain a GenAI-as-aservice (GaaS) platform. This includes the implementation of a GenAI operations platform aimed at streamlining AI processes and enhancing operational efficiency.
A US-based insurance provider selected HCLTech to transform its contact center and back office operations for claims management through GenAI. HCLTech AI Force DigitalCOLLEAGUE suite of products will help the client to optimize the workflows, boost operational flexibility and enhance efficiency, accuracy and overall service quality in managing healthcare claims.
A global technology major has selected HCLTech to deploy GenAI to transform its content life cycle management and processes. HCLTech will help the client to automate its content processing with intelligent features such as persona filters.
An APAC-based financial services major selected HCLTech to help accelerate its enterprise-wide data and AI transformation. HCLTech will create a new framework that enables the bank to treat data as a product and reduce the time needed to extract insights by half.
A leading Indian educational institution is leveraging HCLTech’s GenAI capabilities to accelerate primary and adult education in rural India. HCLTech will help the client in creating online education content and animation along with Android App for TV and tablet through a multi-modal GenAI-based platform.
A global mining major selected HCLTech to build an AI-assisted cataloging solution with Azure IoT implementation. This will enable the client to tag different devices in the field, understand the type of data, origin etc. for further model training and development. The client will achieve appx. 50 percent improvement in edge devices support and appx. 60 percent improvement in reducing operational cost of managing edge devices.
An US-based automotive major has collaborated with HCLTech to develop AI models and actionable insights for customer segmentation and dynamic price optimization using GenAI.
Baburajan Kizhakedath
